FLIR Systems, Inc. (FLIR) announced that it has acquired Directed Perception, Inc., a leading provider of pan-tilt motion control systems for commercial and military markets, for $20 million in cash.
Directed Perception, based in Burlingame, California, is a pioneer and leader in high-performance pan-tilts in security and surveillance, maritime, military, robotics and scientific instruments markets. The acquisition of Directed Perception will enhance and differentiate FLIR's pan-tilt-zoom camera systems for both commercial and military markets through lower cost, improved functionality and ease-of-use.
On closing, Directed Perception will be renamed FLIR Motion Control Systems and will operate as a part of FLIR's Commercial Systems division. We expect this transaction to be neutral to 2010 net earnings and accretive thereafter.
The Commercial Vision Systems division provides infrared detectors, camera cores, readout integrated circuits and other sub-components to original equipment manufacturers in automotive night vision, recreational marine, firefighting, airborne law enforcement, and commercial security markets.
FLIR Systems, Inc. designs, manufactures, and markets thermal imaging and infrared camera systems in the United States and internationally. It operates in three divisions: Thermography, Commercial Vision Systems, and Government Systems. Major competitors are L-3 Communication Holdings Inc (LLL) and Lockheed Martin Corporation (LMT).
We currently have an Underperform recommendation on FLIR.